Breakingviews

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Hong Kong has hiked real-estate stamp duty in the latest effort by Asian city-states to cool demand. But local first-time buyers are exempt. As long as low rates push investors to seek hard assets in safe havens, pressure to discriminate against foreign speculators will increase.

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Homeowners are a tempting target for cash-strapped UK tax collectors. One option is to levy “mansion taxes”; another is to milk existing stamp duties. It would be better to forget the first, scrap the second and close the capital gains tax loophole on residential property.

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